Mubasher: Injazzat Real Estate Development reported losses of KWD 6.89 million ($22.57 million) by 2019 year-end, against an annual profit of KWD 4 million ($13.17 million) in 2018.
Losses per share recorded 20.52 fils last year, versus earnings per share (EPS) of 11.9 fils a year earlier, according to a stock exchange statement on Wednesday.
Over the fourth quarter (Q4) of 2019, the real estate firm incurred KWD 8.97 million worth of losses, versus profits of KWD 1.3 million in the corresponding quarter in 2018.
Moreover, the company attributed the annual losses to several factors, including the change in the fair value (FV) of investment properties as well as lower rental income and share from associates.
Furthermore, the board of directors proposed a cash dividend distribution to shareholders for 2019 at 5 fils per share or 5% of the share’s nominal value.
It is worth mentioning that in the first nine months of 2019, the firm recorded KWD 2.08 million profits, 23.3% lower than KWD 2.71 million a year earlier.
